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As last announced on 18 February, UBS Fund Management (Switzerland) AG, Basel, the fund management company, has decided to apply the modern, dynamic discounted cash flow (DCF) method to value the properties of all UBS real estate funds. This valuation method, which adheres to the principles of investment mathematics, meets today's requirements and corresponds to the Swiss industry standard in the real estate market.

That is why UBS (CH) Property Fund - Swiss Commercial Swissreal" and UBS (CH) Property Fund - Léman Residential Foncipars" also switched from the static discounted cash flow method to the dynamic DCF method at the end of the financial year as of 31 December 2002. This represents the final switch of UBS real estate funds to the new valuation method.

Net asset values The 2002 financial year-end resulted in the following new net asset values as of 31 December 2002:

Securities no.

Fund

Net asset value as of 31.12.2001(following distribution)

Net asset value as of 31.12.2002(following distribution)

1 442 085

UBS (CH) Property Fund - Léman Residential "Foncipars"

CHF 456.48

CHF 55.93 *)

1 442 088

UBS (CH) Property Fund - Swiss Commercial "Swissreal"

CHF 165.59

CHF 54.69 **)

*) after 1:8 split and unit issue

**) after 1:3 split and unit issue

Both real estate funds will be traded on the SWX for the first time on the basis of their new net asset values on Tuesday 22 April 2003. The first ex-distribution trading day has been set for Friday 25 April.

Distributions The income for the 2002 financial year will be distributed for both funds on 30 April 2003. The following distributions will be made on the basis of the 2002 financial year-end:

Ex date: 25 April 2003 Payable on: 30 April 2003

Securities no.

Fund

Coupon number

Gross distribution in CHF

35% withholding tax *)

Net distribution in CHF

1 442 085

UBS (CH) Property Fund - Léman Residential "Foncipars"

1

2.50

0.875

1.625

1 442 088

UBS (CH) Property Fund - Swiss Commercial "Swissreal"

1

2.90

1.015

1.885

*) May be reclaimed by investors domiciled in Switzerland. May be partially reclaimed by investors domiciled abroad, should a double taxation treaty with Switzerland exist.

Advertisements publishing the net asset values and the level of distributions will be placed in "Finanz & Wirtschaft" and in the "NZZ" on 19 April 2003, in "L'Agefi" and "Liechtensteiner Volksblatt" on 22 April 2003 and in "SHAB" on 23 April (see attached advertisement text).